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AT&T Linked to C&W Bid

8:35 AM -- A weekend newspaper report suggests that AT&T Inc. (NYSE: T) has held talks with Cable and Wireless plc (NYSE: CWP) about the potential acquisition of the British carrier's Europe/Asia/U.S. division.

The Mail on Sunday, citing an anonymous source, says the two operators have held talks about a potential £1 billion (US$1.5 billion) deal. Read the full report here.

When C&W reported encouraging half-year financial results last week, it said it had postponed its plans to demerge the Europe/Asia/U.S. business, which delivers the majority of its revenues. (See C&W Remains United.)

C&W's share price is down 1.5 per cent Monday to 141.3 pence ($2.12) on the London Stock Exchange.

— Ray Le Maistre, International News Editor, Light Reading

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